Judge blocks auction of Elvis estate Graceland / Photo: Justin Ford - GETTY IMAGES/AFP
NYSE - LSE
Judge blocks auction of Elvis estate Graceland
A judge in Tennessee on Wednesday temporarily halted a foreclosure sale of Graceland, the historic home of Elvis Presley in the southern US state.
The auction of the property had been scheduled to take place on Thursday but was paused by Shelby County Chancellor JoeDae Jenkins.
Presley's granddaughter, actress Riley Keough, had filed a lawsuit seeking to block the sale of the sprawling estate in Memphis.
A company called Naussany Investments & Private Lending was seeking to auction off Graceland, claiming that Keough's mother, Lisa Marie Presley, had put it up as collateral in 2018 for a $3.8 million loan.
Lisa Marie Presley, Elvis's only child, died in January.
Keough, 34, who starred in "Mad Max: Fury Road" and "The Girlfriend Experience," claimed in her lawsuit filed on May 15 that the loan documents were fraudulent.
Jenkins said he was halting the auction until a trial can be held to determine the authenticity of the documents.
"The court will enjoin the sale as requested," the judge said at a live-streamed court hearing.
"The real estate is considered unique under Tennessee law and, being unique, the loss of the real estate would be considered irreparable harm."
Elvis Presley Enterprises Inc. welcomed the decision.
"As the court has now made clear, there was no validity to the claims," it said in a statement. "There will be no foreclosure.
"Graceland will continue to operate as it has for the past 42 years, ensuring that Elvis fans from around the world can continue to have a best in class experience when visiting his iconic home."
T.Zangari--IM
